gss newsletter · planned industry monolith, gstp, fell by the wayside. many matching platforms...

GSSNEWSLETTERISSUE 139November 2012

Issue 139, November 2012

2

CoNTENTS

Editorial 5

John’s CornEr 6

austria 8Vienna Stock Exchange calls for privatisations 8

BElarus 9Belarus launches eurobond road show 9

Unified information portal for foreign investors 9

Bosnia and hErzEgovina 10Funds of the Stand-By Arrangement transferred 10

Closer connestions between regional trading places 11

Bulgaria 12S&P review: gradual recovery on track 12

Access to the Austrian capital market opened to Bulgarian companies 13

Croatia 14Government seeks to improve competitiveness of the economy 14

EC report on Croatia’s state of preparedness for EU 15

Government introduces financial operations bill to eliminate illiquidity 15

CzECh rEpuBliC 16UniCredit to provide securities services to Clearstream 16

CNB cuts interest rates to record low 16

Government still counts on deficit of 3.2% of GDP 17


3

hungary 18KELER announces “Strategic Modernization Program” 18

Hungary to issue EUR denominated bond 19

KazaKhstan 20Volume of KASE trading 20

Kyrgyzstan 21Kyrgyzstan to increase minimum charter capital for professional securities market participants 21

poland 22KDPW_CCP to launch clearing of OTC derivatives and repo trades, KDPW to introduce trade repository 22

romania 24Romania’s GDP 1% higher, inflation expected at 3.4% in 2012 24

Inflation increased by 1.2% m-o-m in September 25

Public Finance Ministry borrows RON 578.296 million from banks with T-bill issue 25

russia 26Non-residents to be exempt from tax on RDR dividend 26

Moscow Exchange implements new data centre 26

CBR will allow replacing securities in basket REPO 27

RDR issues to be simplified 27

FFMS suggests cashless dividends 27

sErBia 28National Bank of Serbia increases key policy rate 28

Measures of National Bank of Serbia support exchange rate stability 28

slovaK rEpuBliC 29Bratislava Stock Exchange trading review 29

Amendment proposal to Slovak Income Tax Act 30


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slovEnia 31Measures to strengthen stability in banking sector 31

Slovenian Government approves draft Tax on Financial Services Act 31

Investor road shows for potential bond issue 32

UMAR’s autumn forecast for Slovenia 32

uKrainE 33Controversial changes to the tax code 33

armEnia · uzBEKistan 34NASDAQ OMX Armenia to launch trades with foreign currency bonds 34

New disclosure requirements 34

your ContaCts 35

disClaimEr 38

imprint 39


5

derivatives trading, PSE will terminate its futures trading - the existing issues will expire and new ones will not be intro-duced. New products will be listed on the EUREX Vienna platform in line with the intention to consolidate CEESEG derivatives trading within a single marketplace.

At the same time, CDCP, which is owned by PSE, had planned the implementation of CCP together with the introduction of XETRA. However, they have recently decided that, due to the yet unclear full impact of the European legislation on CCPs (EMIR) and the related ESMA standards in the region and in order to minimise potential obstacles or implementation problems, it will split the current implementation project into two ones - separately for XETRA and for the CCP. As a result the local CCP, part of the CCP.CEE project, is not going to be introduced in the Czech market before the beginning of 2014. Until then, OTC settlement procedures in the market will remain unchanged.

However, CDCP has recently drafted a new concept of stock exchange trades clearing. Its main purpose is to attract for-eign broker-dealers for trading on XETRA without the neces-sity of being involved directly in the post-trading process-ing (clearing and settlement). CDCP plans to create a new CDCP Clearing Fund to support it - the main risk manage-ment principles would remain unchanged from the present PSE Guarantee Fund, while the differences would be in the implementation of a model which features Direct Clearing Members, General Clearing Members and Clearing Agents. In addition this clearing model is not based on CCP and therefore EMIR requirements would not be applicable, which CDCP sees as its local opportunity.

It is obvious that the Czech market, along with the CEE region as a whole, has quite a few changes ahead. I believe that UniCredit GSS, together with our clients, is ready to go through these changes and successfully meet the upcoming challenges.

I wish you all the best.

Michal Stuchlik Head of GSS Czech Republic

EdIToRIaL

Dear clients, partners and friends,I am pleased to announce that UniCredit Bank has won a mandate to provide securities services in the Czech Republic to Clearstream Banking Luxembourg (CBL) in its role of the agent which will be operating their direct participant account with the local CSD (CDCP).

Following CBL’s decision to become a direct participant of CDCP, UniCredit GSS made a detailed analysis of the pos-sible solutions and has been able to offer a service model suiting CBL’s requirements.

I am extremely proud of my GSS team in Prague - all members have put in a lot of time and efforts in order to find the best options for providing a tailor-made solution which matches the needs of our client. We have been able to achieve this success thanks to the strong support of UniCredit GSS, which once again comes to show how we benefit from our leading role in CEE, using the experience and best practice from across the entire region. In addition, we greatly appreci-ated the cooperation of CBL’s representatives in listening to our questions and explaining their needs and requirements in detail. I am glad that ultimately we were able to build a strong business relationship based on trust, respect and understanding. I would like to thank all who contributed to this success, especially for their positive and creative approach.

As far as market developments impacting the Czech Republic are concerned, we see more integration work being done in our region by the Vienna Stock Exchange, the parent com-pany of which, the CEE Stock Exchange Group (CEESEG), owns also the stock exchanges in Prague, Ljubljana and Budapest.

Prague Stock Exchange (PSE) will be the first market of this family implementing the XETRA trading platform in Novem-ber 2012. In relation to this, as XETRA does not support

Michal Stuchlik Head of GSS Czech Republic


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John Gubert on the challenges of T+2 settlement

JohN’S CoRNER

Having worked in markets, with same-day through to indi-vidually negotiated settlement periods, as well as many with little or no settlement discipline, it is with some trepidation that I note planned changes in EU markets. T2S will appar-ently bring about a two day settlement cycle, while the CSD Regulations will introduce standard settlement discipline procedures.

Settlement cycle changes will only impact Euro based mar-kets, but the settlement discipline ones will affect all EU coun-tries. And we can assume that the T2S settlement deadlines will fast become best practice across the EU; and perhaps beyond. But how can these changes best be managed?

The settlement cycle impacts clients and service providers in three main ways. These are time zone, exchange availability and trade affirmation or confirmation.

Time zones for Europe work in favour of the Americas but to the detriment of the Far East and Australian markets. As an example, take a HK based investor, who places an order late in their day in a European market. Assuming affirmation or confirmation is finalised next day, in T+2 environments they really need to complete the associated foreign exchange transaction on T+1 for funds to be available on time.

If they are long of such funds, this is no challenge. But the problem arises if they require a foreign exchange deal to complete the process or to meet, on a sale of an EU security, a liability in another currency. Next day foreign exchange is viable in major currencies, but not necessarily with a deep market in lesser ones.

It seems anomalous that regulators believe T+2 is possible in securities markets, where two different value components need to be exchanged, but have allowed foreign exchanges to continue trading on a spot T+2 arrangement. That settle-ment period is a legacy of a telex age, where matching, and even data capture, was manual and time consuming. Logi-cally, as all major markets operate same day RTGS systems and we have a highly efficient clearing process in CLS, the standard settlement period should be curtailed to T+1 both to reduce systemic risks in foreign exchange markets and also to facilitate tighter securities settlement periods.

But, over and above the foreign exchange challenge across unfriendly time zones, we need to consider the problem of trade affirmation or confirmation. In most of the major dealer–to- dealer markets, trades are matched as dealt and they can be routed into netting or settlement with immediate effect.

But let us consider the chain action of a normal client-side securities settlement. The trade is executed between an investor and their broker, perhaps an international one who will close out the transaction with a local broker on the relevant market. The trade is reported back with all trade-related charges (usually commissions but also potentially stamp or FTT duties). It is then affirmed or confirmed by the investor. There are excellent third party applications for such purpose, with the OMGEO platform dominating the Anglo Saxon, and to some extent Far Eastern, markets.

The problem is that there are large parts of the world, where neither OMGEO nor their competitor platforms have much traction. And the confirmation or affirmation process is then far from standard or timely. The reality is that investors do not advise their global custodian (who then needs to interact with a local custodian or their office in the appropriate country) until they have agreed all trade details. Thus settlement instruction and confirmation comes at a fairly late stage in the process.


7 John‘s Corner

There was a disastrous attempt, some years ago, to over-come the problem of the lack of co-ordination between the different parties in a trade-to-settlement process. The planned industry monolith, GSTP, fell by the wayside. Many matching platforms have now the capability to instruct set-tlement agents, one of GSTP’s key design features, but this function is less used than one would hope, due to some justifiable concerns about liability.

We should have no illusions. T+2 requires an efficient trade matching process that allows the trade to be affirmed or confirmed on the same day. For beware, settlement disci-pline will otherwise undoubtedly impact. The rules that are to be applied are not yet known, but it is evident that they will include penalties for settlement fails and, perhaps, penalties for failure to match a settlement allegation in a timely fashion.

In a T2S environment, as an example, the aim is, in reality, to process the bulk of settlement in the overnight batch. Direct participants could find themselves in the unpleasant situation where settlement discipline deadlines for settlement matching and settlement execution require a given volume of settle-ment to be matched and settled by pre-determined times in the settlement cycle, rather than by the absolute deadline John Gubert also appears on blog.globalcustodian.com

for that day’s settlement. To some extent, this is logical to avoid bunching at the end of day. It is not unprecedented and targets, albeit not normally mandatory and subject to penalties, have been around in several markets for some time.

It is clear that there is much preparation needed in the brave new world of T+2 and CSDR. The worrying thing is how little investor attention the issue has gained relative to the impact of the similar (aborted) proposals in the US just a few years ago.

And the core hurdles of time zone, foreign exchange peri-ods and trade matching/confirmation deadlines have hardly changed since then. However, potential penalties could pose a really unsalutary additional challenge to us all!

John Gubert


8

Austria

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 36,617GDP Real 2012e (Change against prev. year in %) 1.23-Month Money Market Rate (current in %) 0.15Inflation in 2012e (yearly average in %) 2.1.../EUR -Upcoming Holidays none

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Actual 38 Day moving average 200 Day moving average

10/23/2012 4:36 PM

Market Capitalisation EUR 69.3bn

YTD Dev. of Market Capitalisation 7.5%

Number of SE Transactions p.m. n.a.

YTD Dev. of SE Transactions n.a.

SE Turnover (Vienna SE) EUR 1.6bn

Monthly Index Performance (ATX/VSE) 3.6%

GDP per Capita (2012 in EUR) 36,617

GDP Real 2012 (Change against prev. year in %) 1.2

3-Month Money Market Rate (current in %) 0.15

Inflation in 2012 (HVPI yearly average in %) 2.1

Upcoming Holidays 1 November

Source: Thomson Datastream

Source: UniCredit, National Statistics

ATX

aUSTRIa

Vienna Stock Exchange calls for privatisations“Companies benefit from privatisations, especially via IPOs, as these result in greater operational efficiency, thus improving their international competitiveness. In addition to safeguarding jobs, successful companies create even more employment and therefore support overall economic growth. Privatisation is not only a means to raise additional capital through the stock market, but has advantages for the national economy per se.” These findings are the outcome of a round of discussions held at the CEE Summit of the Vienna Stock Exchange, which has taken place in Vienna in October.Guests of honour included Victor Cionga, CEO of the Bucharest Stock Exchange, Ivan Takev, CEO of the Bulgarian Stock Exchange, Silvia Davidoiu, Ambassador of Romania to Austria, and Elena Radkova Shekerletova, Ambassador of Bulgaria to Austria, among other financial market experts from Bulgaria, Romania and Austria.

Michael Buhl, Member of the Management Board of the Vienna Stock Exchange and CEE Stock Exchange Group, hosted the CEE Summit and pointed out: “While we generally believe that the home market is the best place for companies to list, we are also convinced that the Vienna Stock Exchange is an excellent alternative for CEE companies that are inter-ested in a dual listing”.

Numerous experts discussed the attractiveness of CEE companies to investors, analysts and investment banks in the current capital market environment. Although the CEE region is affected by the prevailing capital market conditions in Europe, it still offers an enormous potential: the region of Central and Eastern Europe is the growth region in Europe; in its mid-term forecast, the International Monetary Fund expects a cumulated growth rate of 17% for CEE until 2017, compared to only 7% for the eurozone.

Impact on investors For information purposes only.

Written and edited by: Thomas Rosmanitz Head of Relationship Management Austria Global Securities Services, AustriaTel. +43 50505 58515 · [email protected]


9

Market Capitalisation BYR 36.0trn

YTD Dev. of Market Capitalisation n.a.

Number of SE Transactions p.m. (BCSE) 892

YTD Dev. of SE Transactions -53.4%

SE Turnover (BCSE) BYR 111.0bn

Monthly Index Performance (BCSE) -17.2%

GDP per Capita (2012 in EUR) 393


3-Month Money Market Rate (current in %) n.a.

Inflation in 2012 (yearly average in %) 3.2

BYR/EUR 0.00009

Upcoming Holidays none


BELaRUS

Belarus launches eurobond road show The Republic of Belarus announced a plan to issue eurobonds for USD 500-600 million on the markets of Europe and Asia in 2013. The road show is planned for October-November 2012 with the participation of leading western banks.

An earlier Eurobond issue was made in 2010 for USD 600 million with a coupon rate of 8.75%.

Impact on investors For information purposes only

Unified information portal for foreign investors The National Agency of Investment and Privatization has launched an information portal for potential investors in Rus-sian and English in order to promote investment opportunities in Belarus on the internet.

The website, investinbelarus.by/en, contains a Belarusian investment proposals database built on information from ministries, state corporations, local authorities and interested Belarusian companies.

The database also provides information on the investment climate, a legislative database and the Agency’s activities including improvement of the privatisation process.

Impact on investors The new information portal supports investors on the Bela-rusian market.

Written and edited by: Evgenia Klimova Head of Product and Business Development Global Securities Services, RussiaTel. +7 495 232 5298 · [email protected]

http://investinbelarus.by/en/


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Source: Bloomberg


Bosnia_Herzegovina

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 3,577GDP Real 2012e (Change against prev. year in %) 2.53-Month Money Market Rate (current in %) -Inflation in 2012e (yearly average in %) 2.6BAM/EUR 1.96Upcoming Holidays none

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10/23/2012 4:36 PM

BIFX

Market Capitalisation (Sarajevo SE) BAM 4.1bn

YTD Dev. of Market Capitalisation -5.9%

Number of SE Transactions p.m. 1,269

YTD Dev. of SE Transactions 5.8%

SE Turnover (SASE) BAM 51.7mn

Monthly Index Performance (SASX-10/SASE) 7.5%

Market Capitalisation (Banja Luka SE) BAM 3.8bn




SE Turnover (BLSE) BAM 5.6mn

Monthly Index Performance (BIRS/BLSE) 0.9%





EUR/BAM 1.96


BoSNIa aNd hERzEGovINa

Funds of the Stand-By Arrangement transferredThe first tranche amounting to SDR 50.73 million based on the Stand-by Arrangement (SBA) with the International Mon-etary Fund (IMF) was transferred to the account of the Central Bank of Bosnia and Herzegovina (CBBH) on September 26, 2012.

On the mentioned value date, for the total funds received in SDR, CBBH credited the appropriate amount in local cur-rency (BAM 118.9 million) to the appropriate account/sub-accounts in the proportion: 2/3 for the Federation of Bosnia and Herzegovina (BAM 79.3 million) and 1/3 for Republic of Srpska (BAM 39.6 million).

Upon reducing the mentioned total amount (in SDR and in BAM) with all the costs of approving the SBA tranche, the CBBH will, on the basis of the instructions of the Ministries of Finance of the Federation of Bosnia and Herzegovina and Republic of Srpska, carry out a further transfer of funds in the local payment system.



11 Bosnia and Herzegovina

Closer connestions between regional trading placesSarajevo Stock Exchange organised its 7th International Con-ference „Connecting the capital markets under globalizing conditions“, which was held in Sarajevo in October.

During the Conference the business and technical coopera-tion agreement between Sarajevo Stock Exchange, Banja Luka Stock Exchange and Montenegro Stock Exchange was signed. This agreement, among other things, implies the creation of a mutual trading platform.

This year’s Conference was divided in three panels. In the first part the focus was on the “Modalities of capital market linkages” - methods of connecting capital markets and the practical experiences from the exchanges of the region. In the second panel participants focused on the “Public sector debt securities in the Federation of Bosnia and Herzegovina”. A long-term strategy for development of financial markets

was presented, together with the government’s debt policy. Those topics were presented by representatives of the Secu-rities Commission and Ministry of Finance officials. During the third panel participants talked about the “Current state and needs of the capital market in Bosnia and Herzegovina“.

The goal of the Conference is to indicate that connecting the regional capital markets is inevitable, and also to draw attention to the attractiveness of such connections under globalising conditions. Moreover, the Conference focused on debt securities, especially public sector bonds, as an alternative and addition to classic saving methods.


Written and edited by: Amra Telac evic Relationship Manager Global Securities Services, Bosnia and Herzegovina Tel: +387 33 491 816 · [email protected]


12

Market Capitalisation BGN 9.3bn




SE Turnover (Bulgarian Stock Exchange) BGN 112.9mn

Monthly Index Performance (SOFIX) 1.3%





EUR/BGN 1.96




Bulgaria

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 5,434GDP Real 2012e (Change against prev. year in %) 3.53-Month Money Market Rate (current in %) 1.88Inflation in 2012e (yearly average in %) 3.3EUR/BGN 1.96Upcoming Holidays none

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10/23/2012 4:36 PM

SOFIX

BULGaRIa

S&P review: gradual recovery on track At the end of September 2012 Standard and Poor’s pub-lished a review and forecast of the Bulgarian economy. “After 1.7% GDP growth in 2011, we expect the economy to grow by about 0.5% in 2012”, stated the agency, backing its fore-cast with the continued weakness in domestic demand amid a decline in external demand in particular from the EU.

“But as recovery in external demand trickles through the economy and spurs domestic demand, we believe that annual real GDP growth could reach 3% after 2013”, S&P added. S&P expects the government to overperform with regard to the 2012 budget deficit target of 1.6% of GDP and to cut the deficit further in the coming years. “As a result, we expect general government debt will be around 17% of GDP in 2012 and decline thereafter”, the rating agency further pointed out. S&P’s forecast on net government debt is that it will reach about 10% of GDP in 2012.

In addition to that, in the review S&P highlights the following findings:

■■ The banking sector appears well capitalized – with a capi-tal adequacy ratio of 16.7% at the second-quarter end 2012 – and liquid. The country‘s strong regulatory and supervisory framework and bilateral standstill agreements between the Bulgarian central bank and several key com-mercial banks contribute to the financial stability of the banking system.

■■ A broad political consensus supports the currency board arrangement and macroeconomic stability.

■■ Inflation will likely be moderate.

■■ The current account is likely to be close to balanced and an eventual deficit position would be covered by FDI or EU transfers.

Impact on investors Bulgaria has demonstrated macroeconomic stability and the country’s economy is expected to strengthen in 2013 according to S&P.


13 Bulgaria

Written and edited by: Borislav Hitov Relationship Manager Global Securities Services, BulgariaTel. +359 2 923 2670 · [email protected]

Access to the Austrian capital market opened to Bulgarian companies The Bulgarian Central Depository AD (CDAD) and the Austrian Oesterreichische Kontrollbank AG (OeKB) signed a coopera-tion agreement at the beginning of October 2012, providing the opportunity for dual and cross listing of companies from both countries.

The agreement between CDAD and OeKB will allow building a comprehensive and sustainable settlement link between the two stock markets.

Impact on investors Bulgarian companies now have the opportunity to go for listings in Austria.


14

Market Capitalisation HRK 193.1bn




SE Turnover (Zagreb SE) HRK 293.2mn

Monthly Index Performance (Crobex/ZSE) 2.1%





EUR/HRK 7.57




Croatia

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 11,160GDP Real 2012e (Change against prev. year in %) 2.03-Month Money Market Rate (current in %) 2.3Inflation in 2012e (yearly average in %) 2.8EUR/HRK 7.57Upcoming Holidays none

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10/23/2012 4:36 PM

CROBEX

CRoaTIa

Government seeks to improve competitiveness of the economy The Croatian government will relieve the economy and exporters to render them more competitive, Croatian Finance Minister Slavko Linic said at a meeting of Croatian exporters discussing government policies and expectations for 2013.

The Finance Minister said that the introduction of new taxes was not a solution, so the government has embarked on reducing its expenditure, which has been sharply criticised by the trade unions. The minister announced that further cutbacks were planned for next year, including HRK 600 million less for public sector salaries, but that despite these cuts better results could be expected only after the country achieves a growth rate of 1.7%.

The government was also helping commercial activities by reducing contributions for health care and by eliminating or reducing the non-taxable amount on salaries and replacing these with property taxes. The Law on Financing Business and Pre-Bankruptcy Settlements has been accepted in order to facilitate loss-making enterprises to continue their business by activating HRK 50 billion in receivables.

The Finance Minister believes that in addition to Croa-tia’s budget deficit another major problem is the country’s trade deficit, which can be reduced if domestic production improves, particularly in the energy and oil industries. All speculations of devaluating the kuna were dismissed saying that this would not solve the problems accumulated in state finances.



15 Croatia

EC report on Croatia’s state of preparedness for EU In a comprehensive monitoring report the European Com-mission assessed that Croatia continued to make progress in adopting and implementing European Union legislation and that it was completing its alignment with the acquis, and identified ten tasks which Croatia must carry out before EU accession.

Further progress is required in the preparations for future EU structural funds, the restructuring of the shipbuilding industry, the strengthening of the rule of law through continued imple-mentation of commitments to improve public administration and the justice system, preventing and fighting corruption effectively, and the management of external borders.

The Commission has identified ten issues in which “particular attention should be paid by Croatia in the coming months in the areas of competition policy, judiciary and fundamental rights, justice, freedom and security.”

Croatia is invited to participate in the European semester, an instrument for economic policy coordination within the EU, as of early 2013, six months before accession.

The Commission determined Croatia continued to meet the political criteria and with regards to the economic criteria the report says “Croatia is a functioning market economy. Vigor-ous implementation of urgently needed structural reforms should enable Croatia to cope with competitive pressures and market forces within the Union in the near term.”


Government introduces financial operations bill to eliminate illiquidity According to the Minister of Finance, the new Financial Oper-ations and Pre-Bankruptcy Settlement Act would provide the most effective ways of dealing with the problem of illiquidity and insolvency. He said the main purpose of the law was to make it possible for indebted enterprises to financially restructure their obligations in accordance with their capital and their economic activity, and at the same time increase the chances of creditors collecting their claims.

It is said the government had opted for administrative rather than bankruptcy proceedings in dealing with illiquidity because in that way it would be possible to deal with accumulated problems in the economy faster and the illiquidity problem could be eliminated already in the first half of next year.

The act provides for a deadline of 60 days for companies to make their payments, and if they fail to do so, pre-bankruptcy settlement proceedings are initiated. If a debtor and a creditor fail to reach agreement in a timely fashion, or if recovery is unlikely, a bankruptcy proceeding is instituted automatically.


Written and edited by: Snjez ana Brunc ic Relationship Manager Global Securities Services, CroatiaTel. +385 1 630 5400 · [email protected]


16

Market Capitalisation CZK 1.1trn


Number of SE Transactions p.m. n.a.

YTD Dev. of SE Transactions n.a.

SE Turnover (Prague SE) CZK 60.2bn

Monthly Index Performance (PX) 0.1%





EUR/CZK 24.92




Czech

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 15,901GDP Real 2012e (Change against prev. year in %) 3.33-Month Money Market Rate (current in %) 0.52Inflation in 2012e (yearly average in %) 2.4EUR/CZK 24.92Upcoming Holidays none

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10/23/2012 4:36 PM

PX-50

CzECh REpUBLIC

UniCredit to provide securities services to ClearstreamUniCredit Bank Czech Republic a.s. has been awarded the mandate to provide securities services to Clearstream Bank-ing Luxembourg as the agent who will be operating their direct participant account with the local CSD (CDCP).

After Clearstream’s decision to become a direct participant of the CDCP, UniCredit Bank Czech Republic made a detailed analysis of possible solutions and was able to offer a service model meeting Clearstream’s requirements.

Clearstream’s entire securities-related activities in the Czech Republic will start being serviced by UniCredit Bank Czech Republic in the first quarter of 2013.

Winning this mandate proved the ability of UniCredit to find tailor-made solutions for their clients, which is one of the mottos of UniCredit GSS.


CNB cuts interest rates to record lowThe Bank Board of the Czech National Bank (CNB) decided at its meeting on September 27 to lower the two-week repo rate by 25 basis points to 0.25%. The Lombard rate was lowered by 75 basis points to 0.75%. The discount rate was lowered by 15 points to 0.10%. The new interest rate levels came into effect on October 1, 2012.

The CNB last eased monetary policy on June 28, 2012, when it lowered the repo rate by 25 basis points to 0.50%.



17 Czech Republic

Government still counts on deficit of 3.2% of GDPBased on state budget data for the first three quarters of this year the public finance deficit should be at 3.2% of GDP this year, Prime Minister and Finance Minister confirmed.

For euro adoption keeping the deficit at a maximum of 3% of GDP is necessary.

The state budget deficit in September was worth CZK 71.4 billion. Last year in September the deficit was nearly CZK 34 billion higher. A state budget with a CZK 105 billion gap has been approved for the entire year 2012.

The Finance Ministry currently reckons with a deficit of 3.2% of GDP this year, 2.9% next year, 2.5% in 2014 and 1.6% in 2015. The public finance deficit reached 3.09% of GDP last year.

According to the government’s document from the middle of July the government will be cutting the public finance deficit until 2015 at a slower pace than it had planned before.

The Czech National Bank (CNB) expects the public finance deficit at 3.3% of GDP this year. For 2013 CNB puts the deficit at 2.4% and for 2014 at 1.9% of GDP.


Written and edited by: Zbynek Oborny Relationship Manager Global Securities Services, Czech RepublicTel. +420 955 960 779 · [email protected]


18

Market Capitalisation HUF 16,928.1bn




SE Turnover (Budapest SE) HUF 373,069mn

Monthly Index Performance (BUX) 1.6%





EUR/HUF 282.31

Upcoming Holidays 1, 2 November



Hungary

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 11,140GDP Real 2012e (Change against prev. year in %) 3.43-Month Money Market Rate (current in %) 4.66Inflation in 2012e (yearly average in %) 3.4EUR/HUF 282.31Upcoming Holidays none

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10/23/2012 4:36 PM

BUX

hUNGaRy

KELER announces “Strategic Modernization Program”Based on the decision of its board in July the Central Clear-ing House and Depository („Budapest“) Ltd. (KELER) has launched the so called Strategic Modernization Program. The main objective of this initiative is the renewal of KELER’s almost 20 years old central securities depository software in line with its medium-term strategy to join Target2-Securities (T2S) in 2016. By renewing its system KELER is committed to creating the conditions for an innovative and competitive central securities depository (CSD) that provides high quality services to its clients.

KELER set three phases for the implementation of the Pro-gram as follows:

■■ June 2012 – June 2013: planning, system and supplier se-lection including the detailed analysis of T2S requirements

■■ June 2013 – beginning of 2015: launch of the new system, preparation for joining T2S

■■ 2015 - 2016: testing with T2S platform, implementation of the new system with the T2S connection

By mid October 2012 KELER had already completed the planning exercise and in the coming few months is looking forward to the selection of the supplier and the new platform itself. KELER intends to issue an international tender and expects to conduct several rounds of the selection process. The new system shall facilitate internal and external process optimisation, increased operational efficiency, launch of new services as well as the full compliance with T2S.

The Program will require adaptation from market participants using KELER’s services while KELER intends to minimise negative effects on its clients. As soon as the new CSD soft-ware has been selected KELER, will start subject matter dis-cussions with its customers in 2013 so that all important infor-mation is continuously shared with the parties concerned.


19 Hungary

In the coming years T2S will require the implementation of new market practices in a number of areas and harmonisa-tion efforts at European level shall conclude simultaneously with the launch of T2S. This will result in the need to amend operational and legal frameworks, for which KELER and all market participants shall prepare in time.

Impact on investors In line with KELER’s plans a new CSD system will be introduced in Hungary, which shall be fully compliant with T2S standards by 2016. The implementation of this system will require market participants to change processes and in some cases legal agreements. KELER will provide oppor-tunities for consultation on a continuous basis.

Hungary to issue EUR denominated bondThe Hungarian Government Debt Management Agency (GDMA) announced it is to issue a 3-year government bond with a 12-month subscription period under Hungarian law.

The so-called Premium Euro Hungarian Government Bond will offer a 2.5% premium over the average consumer price index (CPI) of the eurozone. According to the latest Eurostat figures, with the 2.5% premium the actual interest rate is likely to be over 5%. Issuance is expected for November 2012 with a EUR 200-300 million offer at first and, should the entire lot be exhausted within a year, a new batch may be added. Any new issue will always depend on the situation of the market.

The instrument may be subscribed in one-euro denomina-tions, will pay interest twice a year in June and December and the interest rate will depend on the April and October

CPI in the eurozone. With the exception of US based inves-tors, resident and non-resident natural and legal persons and organisations without legal personality will be eligible to buy the bond, which is, however, primarily intended for retail buyers. GDMA offers the new security primarily for the public, but the subscription rights are wide-scale enough for institutional investors to purchase. This way, small and medium-sized enterprises active also on export markets will have the opportunity to buy.

GDMA officials say that in addition to the above bond issue it would still like to draw funds from foreign capital markets via FX debt issuance. The new bond does not replace the Eurobond issuance targeted in the annual issuance plan, while FX debt issuance may take place only after the govern-ment strikes a deal with the IMF/EU on a financial backstop.

GDMA is confident that funds raised from the issuance of the new premium Eurobond will increase the state’s elbowroom with respect to FX funding, and if in a given period the state does not have to repay FX debt, these funds may temporarily be placed at the central bank as deposit. GDMA stressed that it is capable of financing Hungary’s state debt on capital markets at present.

Impact on investors The Hungarian Government Debt Management Agency announced it is going to issue a 3-year EUR denominated bond for the public, but primarily to retail investors. The bond will not replace the country’s annual FX debt issu-ance plan, but will diversify the state debt funding sources for Hungary. The interest rate of the bond will be linked to the eurozone CPI.

Written and edited by: Lívia Mészáros Deputy Head Global Securities Services, Hungary Tel. +36 1 301 1921 · [email protected]


20

Market Capitalisation KZT 11,414.5bn




SE Turnover (KASE) KZT 5.4bn

Monthly Index Performance (KASE) 983.4





EUR/KZT 195.33


Source: Bloomberg


Kazakhstan

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 7,608GDP Real 2012e (Change against prev. year in %) 5.53-Month Money Market Rate (current in %) 1.25Inflation in 2012e (yearly average in %) 7.1EUR/KZT 195.33Upcoming Holidays none

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10/23/2012 4:36 PM

KASE

KazaKhSTaN

Volume of KASE trading The volume of KASE trading decreased by 10.2% in the period January - September 2012 and represents KZT 18.6 trillion (USD 119.4 billion).

The results of trades published on September 14, 2012 indi-cate the index of KASE grew by 1.74% to 999.52 points. The volume of transactions achieved with papers included in KASE’s index “basket” represents 58.3 million tenge.

The volume of trading on Kazakhstan Stock Exchange (KASE) in all market sectors made up KZT 5.31 billion (equivalent of USD 35.25 million), which is a decrease by 10.4% (by 12.4% expressed in USD) compared to the same period of last year.

The repo market made up KZT 882.09 billion (equivalent of USD 5906.46 million), decreasing by 10.63% (by 10.3% expressed in USD) compared to the same period last year.

The volume of corporate bonds traded on the Kazakhstan Stock Exchange (KASE)* reached KZT 6.04 billion (equivalent of USD 40.12 million), decreasing by 7.2% (8.8% in USD) compared to last year.

Share trading on Kazakhstan Stock Exchange (KASE)* amounted to KZT 35.25 billion (equivalent of USD 230.01 million) and thus decreased by 17.7 % (by 16.1 % expressed in dollars) against the same period of 2011.

Source: www.kase.kz


Written and edited by: Baurzhan Aidarov Relationship Manager Global Securities Services, KazakhstanTel. +7 727 258 30 15 · [email protected]


21

Market Capitalisation KGS 7,413mn

YTD Dev. of Market Capitalisation n.a.

Number of SE Transactions p.m. 295


SE Turnover (KSE) KGS 1,426.8mn

Monthly Index Performance (KSE) 211.7

GDP per Capita (2012 in EUR) 999.9

GDP Real 2012 (Change against prev. year in %) n.a.



EUR/KGS 61.06



KyRGyzSTaN

Kyrgyzstan to increase minimum charter capital for professional securities market participantsThe Kyrgyz government securities market regulator announced plans to increase the requirements for minimum charter capital for professional securities market participants. The increase is currently under discussion with market par-ticipants.

Impact on investors Possible increase of requirements for minimal charter capi-tal for professional securities market participants.

Written and edited by: Evgenia Klimova Head of Product and Business Development Global Securities ServicesTel. +7 495 232 5298 · [email protected]


22

Market Capitalisation PLN 484.0bn




SE Turnover (WSE) PLN 15.9bn

Monthly Index Performance (WIG20) 5.0%

Monthly Index Performance (WIG) 5.2%





EUR/PLN 4.14




Poland

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 11,027GDP Real 2012e (Change against prev. year in %) 3.93-Month Money Market Rate (current in %) 4.66Inflation in 2012e (yearly average in %) 3.7EUR/PLN 4.14Upcoming Holidays none

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10/23/2012 4:36 PM

WIG-20

poLaNd

KDPW_CCP to launch clearing of OTC derivatives and repo trades, KDPW to introduce trade repositoryIn November 2012 KDPW_CCP is going to offer clearing services for OTC derivatives and repo trades. This will be an absolutely new mechanism available on the Polish market. By offering this facility KDPW_CCP will extend its clearing services for trades which are mainly effected on the interbank market. The presence of KDPW_CCP on this market shall reduce the risk of default of trading counterparties and con-sequently accelerate growth in this segment of the market.

The launch of the new service is a requirement under the provisions of Regulation 648/2012 of the European Parlia-ment and the Council on OTC derivatives, central counter-parties and trade repositories (so called “EMIR”), whereby all OTC trades in derivatives classes specified by the European Securities and Markets Authority are subject to mandatory clearing in an authorised CCP.

KDPW_CCP has already applied to the Polish Financial Supervision Authority to obtain the status of qualified CCP under EMIR rules in order to promote clearing of OTC trades in the CCP. Under the Capital Requirements Directive cen-tral counterparties that meet the requirements of EMIR may apply reduced risk weights to trades where the CCP is a counterparty. This shall promote clearing of OTC trades on derivatives via KDPW_CCP.

In the service offered by KDPW_CCP trades shall be cleared using the novation mechanism, in which KDPW_CCP assumes all the rights and obligations arising from the trades accepted for clearing, thus becoming a legal counterparty for both parties of the trade. Once the trade is sent to KDPW_CCP for clearing, the original trade is replaced by two trades with KDPW_CCP as counterparty.


23 Poland

To implement this new service, KDPW_CCP has closely co-operated with the biggest Polish banks to work out the clearing model that can be accepted and used by a majority of market participants. As a result of all works KDPW_CCP has developed an OTC trade clearing system (kdpw_otc) and selected trade confirmation platforms, which shall be MarkitWire and SWIFT Accord.

As part of the clearing services for OTC derivatives and repo trades, KDPW_CCP will offer management of clearing risk and collateral and will report trades to a trade repository operated by KDPW (central depository).

At this point we should mention that the trade repository will be available in Poland as of November 2, 2012. It will operate under the Trade Repository Rules approved by the KDPW Management Board. The Rules set out, in particu-lar, the terms and conditions of participation in the repository and the rules of counterparty and trade identification.

In the first operating phase, prior to the implementation of ESMA regulations defining the technical standards for trade

Written and edited by: Kamil Polak Head of Relationship Management Global Securities Services, PolandTel. +48 225 245 863 · [email protected]

repositories and prior to the effective date of the commence-ment of reporting obligations, the National Depository trade repository will operate exclusively through an internet appli-cation available to repository participants on the website.

Once the European Commission has approved the techni-cal standards, the trade repository’s regulations and IT tools will be harmonised with the requirements of the standards.

In the second phase of harmonising the trade repository functionalities with the ESMA technical requirements, it is expected that trades can also be reported to the repository through another information channel via the clearing house.

Impact on investors Once the service is implemented, investors trading on the derivatives market will gain new possibilities to minimise the counterparty risk by clearing their OTC trades with derivatives via KDPW_CCP acting as a central counter-party.


24

Market Capitalisation RON 85bn




SE Turnover (Bucharest SE) RON 861mn

Monthly Index Performance (BET/BSE) -1,8%





EUR/RON 4.58




Romania

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 6,624GDP Real 2012e (Change against prev. year in %) 3.43-Month Money Market Rate (current in %) 5.55Inflation in 2012e (yearly average in %) 3.7EUR/RON 4.58Upcoming Holidays none

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10/23/2012 4:36 PM

BET

RomaNIa

Romania’s GDP 1% higher, inflation expected at 3.4% in 2012Romania’s GDP this year will be 1% higher compared to 2011 and the average annual inflation will be 3.4% accord-ing to estimates published in a report on the economic and budgetary situation of the current year posted on the govern-ment’s website.

The forecast for the 2012 macroeconomic indicators is based on the results of the first half of 2012 and on expected devel-opments for the other EU countries.

The government stated that in the first half of this year GDP growth in real terms has been 0.7% compared to H1 2011. The domestic demand advanced by 1.3% from the first half of 2011 as an effect of the 0.8% rise in final consumption and the 14.3% increase in the gross fixed capital formation.

Domestic demand is expected to improve in H2 following the increase in the wages of public employees and in net income from pensions as well as under the positive effect of public investments.

The gross domestic product will increase this year by approxi-mately 1% compared to 2011, reaching a nominal value of RON 607.3 billion, the cited source mentions. According to the report growth is driven by domestic demand with its compo-nents final consumption, which is seen growing by 0.7 %, and the gross fixed capital formation, which will go up by 6.4%. The government also estimates inflation will grow to about 5% by year-end due to the adverse effects of drought on food prices, while the average annual inflation is estimated at 3.4 %.

The external current account deficit is expected to narrow to 4% of GDP in 2012, as capital inflows will further stay low, the report said.



25 Romania

Inflation increased by 1.2% m-o-m in SeptemberAccording to the Romanian Institute of Statistics, headline inflation in annual terms accelerated to 5.3% in September from 3.9% in August and a minimum of 1.8% in May, while core inflation rose to 3% from 2.6% in August.


Public Finance Ministry borrows RON 578.296 million from banks with T-bill issueThe Public Finance Ministry (MFP) borrowed RON 578.296 million (approximately EUR 126.691 million) from commercial banks, through a discounted T-bill issue, placed on tender through the National Bank of Romania (BNR).

The securities have a twelve-month maturity and the weighted-average yield the issue was adjudicated at stood at 6.02%. The weighted-average discount rate was 5.70%.

Written and edited by: Andreea Albu Relationship Manager Global Securities Services, RomaniaTel. +40 21 2002678 · [email protected]

The total value of the issue accounted for RON 1 billion and the total demand of the 12 banks participating in the tender amounted to over RON 1.556 billion.

The Public Finance Ministry rejected buying offers submitted exceeding a yield level of 6.10%.

Twelve banks submitted bids to acquire government securi-ties.

The Public Finance Ministry wants to borrow 4.1 billion lei from banks in October, through seven T-bill and bond issues.


Iuliana Manastireanu Account Manager Global Securities Services, Romania Tel. +40 21 2001494 · [email protected]

mailto:[email protected]

mailto:[email protected]


26

Market Capitalisation RUB 18.7trn


Number of SE Transactions p.m. (MICEX) 8,409,965


SE Turnover (MICEX) RUB 14.4trn

Monthly Index Performance (MICEX) -1.6%





EUR/RUB 40.81

Upcoming Holidays 4, 5 November



Russia

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 9,520GDP Real 2012e (Change against prev. year in %) 4.13-Month Money Market Rate (current in %) 6.80Inflation in 2012e (yearly average in %) 7.5EUR/RUB 40.81Upcoming Holidays none

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10/23/2012 4:36 PM

RTS

RUSSIa

Non-residents to be exempt from tax on RDR dividend Members of parliament decided to abolish taxes on dividend income for non-residents concerning Russian Depository Receipts (RDR). The Budget & Tax committee proposed to make changes in the Russian Tax code and the law “On the Securities Market” in order to avoid double taxation of non-resident investors.

Currently the draft law, which attributes RDR dividends to income received outside of Russia, is sent for consideration to the State Duma.

Impact on investors Potential tax burden relief for non-resident RDR holders.

Moscow Exchange implements new data centreThe Moscow Exchange MICEX-RTS expands its business of providing direct connections to its trading systems, which is highly essential for traders who use trading bots.

The Moscow Exchange will transfer its trading systems ser-vicing the securities market to the new data centre in Novem-ber 2012. The migration of the derivatives market system is planned for March 2013.

Impact on investors The modernisation of the hardware of the Exchange should contribute to the stability and increased capacity of the trading systems.


27 Russia

Written and edited by: Evgenia Klimova Head of Product and Business Development Global Securities Services, RussiaTel. +7 495 232 5298 · [email protected]

CBR will allow replacing securities in basket REPOIn order to raise efficiency for refinancing instruments the Central Bank of Russia (CBR) will give Russian banks the opportunity to replace securities in basket REPO transactions in order to stimulate long-term refinancing.

This possibility has been foreseen in the project concerning the main directions for monetary and credit policy 2013-2015. In accordance with market information the service shall be available in 2013.

According to the bankers’ summarized opinion this innovation will make the refinancing system more efficient and allow to draw numerous advantages from REPO operations, such as portfolios with higher liquidty and increased flexibility.

Impact on investors Development of the refinancing system.

RDR issues to be simplifiedThe Federal Financial Market Service (FFMS) proposed for consideration a number of changes which are to allow Russian Depository Receipts (RDR) to get admission to the Moscow Exchange trading without registration with FFMS. According to FFMS the current procedure for RDR issue is over-regulated.

The draft law foresees the elimination of the FFMS registration process provided that RDR basic securities are already listed on a foreign stock exchange. The final admission decision should be taken by the Moscow Exchange.

Impact on investors Simplification of RDR issue should raise liquidity.

FFMS suggests cashless dividendsThe Federal Financial Market Service (FFMS) proposed amendments to the legislation which provide for receiving dividend payments by shareholders directly to their bank accounts.

Currently issuers execute dividend payments in cash, by post or by bank remittance. FFMS therefore suggests establishing by law that cashless bank payments are the only way avail-able for dividend payments.

Impact on investors The draft law will mainly affect retail investors, who shall have to arrange opening bank accounts.


28

Market Capitalisation RSD 746.3bn




SE Turnover (Belgrade SE) RSD 2.1bn

Monthly Index Performance (Belex 15) -0.0%





EUR/RSD 113.11

Upcoming Holidays 11,12 Nov

Source: Bloomberg


Serbia

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 4,546GDP Real 2012e (Change against prev. year in %) 3.53-Month Money Market Rate (current in %) 12.10Inflation in 2012e (yearly average in %) 6.7EUR/RSD 113.11Upcoming Holidays none

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10/23/2012 4:36 PM

BELEX15

SERBIa

National Bank of Serbia increases key policy rate The National Bank of Serbia (NBS) increased its benchmark interest rate by 25 basis points to 10.75%, reflecting con-cerns over rising inflation and debt.

Considering that the increase of food prices and state-con-trolled prices is higher than expected and that inflationary expectations are on the rise, the Executive Board of NBS has decided to increase the benchmark rate to prevent a spillover of inflation expectations and contribute to macroeconomic stabilisation.


Measures of National Bank of Serbia support exchange rate stability The Executive Board of the National Bank of Serbia (NBS), as a collective decision-making body, unanimously adopted measures contributing to the strengthening of the dinar against the euro.

Factors contributing to the stability of the exchange rate and the strengthening of the dinar were: restrictive monetary policy, increased foreign exchange supply fuelled by foreign- currency indexed subsidised lending, changes in reserve requirements, monitoring of monetary flows and liquidity dosing. Besides it was stated that the NBS last intervened in the foreign exchange market in early August.

There are no differences in views or interpretation of their effect by the Governor and the central bank’s top manage-ment and experts.

Impact on investors Serbian currency is back on a stable path.

Written and edited by: Aleksandra Ilijevski Senior Relationship Manager Global Securities Services, SerbiaTel. +381 11 3028 612 · [email protected]


29

Market Capitalisation EUR 35.3bn


Number of SE Transactions p.m. 1,190.0


SE Turnover (Bratislava SE) EUR 0.5bn

Monthly Index Performance (SAX/BSSE) -1.0%








Slovakia

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 14,073GDP Real 2012e (Change against prev. year in %) 4.53-Month Money Market Rate (current in %) -Inflation in 2012e (yearly average in %) 3.7EUR/SKK -Upcoming Holidays none

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10/23/2012 4:36 PM

SAX

SLovaK REpUBLIC

Bratislava Stock Exchange trading review In September 2012, the electronic trading system of the Bratislava Stock Exchange (BSSE) was open to members on 20 business days. A total of 1,190 transactions were concluded in this period, in which 386,218,932 units of secu-rities were traded, and the achieved financial volume totalled EUR 466.33 million. All three main indicators increased in comparison to the previous month: the number of concluded transactions by 12.05%, the amount of traded securities by 45.21% and the achieved financial volume by 29.96%.

Although the number of concluded transactions increased also on a year-on-year basis (+37.73%) as did the amount of traded securities (+30.58%), this did not affect the achieved financial volume which fell on the same basis by 21.50%. Similar to previous periods, September 2012 saw negotiated deals dominate over electronic order book transactions (i.e. price-setting deals), with the former accounting for 98.75% of the total trading volume. A total of 402 negotiated deals (in a volume of EUR 460.52 million) were concluded, as opposed to 788 electronic order book transactions in a financial volume of EUR 5.81 million.

Investors continued to focus on debt securities in September 2012, as bond transactions generated over 99.2% of the achieved volume. A total of 276 bond transactions were con-cluded in the period under review, in which 386,031,436 units of securities were traded and the financial volume exceeded EUR 462.61 million. In comparison with August 2012 the number of transactions increased by 15%, the amount of traded securities by 46.12% and the achieved financial volume by 40.18%.

Both the number of concluded transactions and the amount of traded securities rose also on a year-on-year basis (+29.58% and +30.78%, respectively), while the achieved financial volume decreased on the same basis by 19.61%.


30 Slovak Republic

The long-lasting trend continued in September 2012, as negotiated deals in bonds (at a financial volume of EUR 460.47 million) again prevailed over electronic order book transactions (EUR 2.14 million).

Transactions concluded by non-residents in September 2012 accounted for 39.51% of the total trading volume, out of which the buy side represents 35.41% and the sell side 43.61%.

The SAX index ended the month of September 2012 at 190.12 points, representing a 0.98-% decrease on a month-on-previous-month basis and a 14.52-% decrease year on year.


Amendment proposal to Slovak Income Tax ActThe Ministry of Finance published the long-awaited amend-ment to the Act on Income Tax No. 595/2003 Coll. The Act on Income Tax amendment is currently in the early stage of the legislation process and might be subject to changes before the final version is approved.

The main proposed changes are the following:

■■ Increase of the corporate income tax flat rate from 19% to 23% (impact only to local tax residents)

■■ Introduction of a second level of personal income tax, i.e. a 25% tax rate for annual personal income above EUR 34,000 (private individuals)

■■ A nominal cap of deductible lump-sum expenses equal to 40% of the aggregate income up to the amount of EUR 5,040 (private individuals)

■■ Limitation of the ability to claim the spouse allowance only in cases where spouses are either unemployed or raising children (private individuals)

■■ Only tax payers that have children under 19 years of age will be able to claim tax bonuses (private individuals)

■■ Taxation of dividend payments from income reported be-fore December 31, 2003 and paid-out after December 31, 2012 (all investors).


Written and edited by: Rastislav Rajninec Sales & Relationship Manager Global Securities Services, Slovak RepublicTel. +421 2 4950 2424 · [email protected]


31

Market Capitalisation EUR 17,423mn




SE Turnover (Ljubljana SE) EUR 41,934mn

Monthly Index Performance (SBI TOP) -17.0%








Slovenia

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 19,532GDP Real 2012e (Change against prev. year in %) 2.83-Month Money Market Rate (current in %) 0.15Inflation in 2012e (yearly average in %) 2.9EUR/RSD -Upcoming Holidays none

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10/23/2012 4:36 PM

SBI TOP

SLovENIa

Measures to strengthen stability in banking sectorThe government approved the draft Act on Slovenia’s meas-ures to strengthen stability in the banking sector. The main solution proposed by the Act is the establishment of a com-pany for managing non-performing banking assets (BAMC - Bank Assets Management Company).

The bank will purchase non-performing assets from banks. For financing these measures a Fund for Bank Stability (SSB) will be established. This Fund will be financed from issuing bonds guaranteed by the state, from repayment from bank-ruptcy estates, repayments of loans and the state budget. The bank will be established as a shareholding company and managed by a Board of Directors.


Slovenian Government approves draft Tax on Financial Services ActThe new Tax on Financial Services Act will introduce taxation of financial services which are currently exempt from VAT. These include brokerage fees, custody fees, payment fees, CSD fees, credit fees etc.

Taxpayers are all entities which are licensed to provide finan-cial services in Slovenia, banks, brokerage houses, CSD etc. The basis for the tax is any fee charged for providing financial services which are now exempt from VAT or tax on insurance services. Entities exempt from the tax are: the Bank of Slove-nia, EU Institutions, the EIB, international organisations and diplomatic and consular representations of foreign countries. The tax rate will be 6.5%.

It is foreseen that the Act will enter into force in March or April 2013.

Impact on investors A new tax is planned to be implemented on the Slovenian market.


32 Slovenia

Investor road shows for potential bond issueSlovenia has presented to investors in the US and Great Brit-ain the government’s preparations for a new USD 1.5 billion bond issue. Meetings with investors were held in October on the US West Coast, Boston, New York and London.

Safekeeping of the issued bonds would be carried out out-side Slovenia.


UMAR’s autumn forecast for Slovenia The most recent forecast by the Institute of Macroeconomic Analysis and Development of the Republic of Slovenia (UMAR) stated that after growth in 2011 the recovery of economic activity was interrupted in the first half of 2012. In Q2, GDP dropped by 3.2% y-o-y, recording one of the largest drops in the euro area. Domestic consumption, i.e. household and government consumption and gross fixed capital formation, shrank substantially. After two years of modest economic growth, a 2.0% decline of GDP in 2012 and a further decline in 2013 of 1.4% are anticipated.

Nominal wage growth is expected to be modest in 2012 and in the next two years; owing to fiscal restrictions it will arise only from the private sector. This year’s higher inflation is mainly marked by energy and food prices, while core inflation remains low due to low economic activity.

UMAR has also written that uncertainties regarding the pro-jections for the main aggregates from the Autumn Forecast remain substantial.


Written and edited by: Urban Koderman Settlement Manager Global Securities Services, SloveniaTel. +386 1 5876 671 · [email protected]


33

Market Capitalisation (PFTS) UAH 160.8bn

YTD Dev. of Market Capitalisation (PFTS) -21.4%

Number of SE Transactions p.m. (PFTS) 55,944

YTD Dev. of SE Transactions (PFTS) -52.1%

SE Turnover (PFTS) UAH 0.9bn

Monthly Index Performance (PFTS) 1.3%





EUR/UAH 10.66




Ukraine

Market Capitalisation HRK 397.2 bnYTD Dev. of Market Capitalisation 2.307Number of SE Transactions p.m. 96000YTD Dev. of SE Transactions 7.107SE Turnover (Zagreb SE) HRK 5977.5 mnMonthly Index Performance (Crobex/ZSE) 0.017GDP per Capita (2012e in EUR) 3,285GDP Real 2012e (Change against prev. year in %) 5.03-Month Money Market Rate (current in %) 22.50Inflation in 2012e (yearly average in %) 10.4EUR/UAH 10.66Upcoming Holidays none

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10/23/2012 4:36 PM

PFTS

UKRaINE

Controversial changes to the tax codeWith the aim to enhance organised stock market growth by means of taxation changes the Government of Ukraine submitted to Parliament a draft law which provides amend-ments to the Tax Law of Ukraine.

According to the draft law excise tax will be imposed on off-exchange trades as follows: 0.1% - trades with listed securities, 3% - trades with non-listed securities, 5 untaxed minimums (EUR 8.5) - off-exchange trades with derivatives. Excise tax will not be applicable to trades with government and municipal securities.

The basis for tax calculation is the contractual value of securi-ties and derivatives.

Licensed local brokers will act as tax agents and will be responsible for tax calculation and payment to the tax authority.

The draft law also establishes a new formula for the profit/loss calculation. According to it local brokers for the period 2012-2015 should record in their profit tax declaration only 25% of the losses on the transactions with securities and derivatives, herein being provided that the losses will be treated as expenses.

Records of the financial results will be kept separately on transactions performed on and off the stock exchange, which in turn will prevent artificial reduction of the profit tax by unfair market participants.

Thanks to the lobbying efforts and numerous appeals and meetings with the associations of market participants Parlia-ment decided to postpone the consideration of the draft law and sent it back for further modification.

Impact on investors Excise tax may be imposed on off-exchange trades.

Written and edited by: Katherine Yevtushenko Relationship Manager Global Securities Services, UkraineTel. +38 044 590 1210 · [email protected]


34

aRmENIa · UzBEKISTaN

ARMENIA

NASDAQ OMX Armenia to launch trades with foreign currency bondsNASDAQ OMX Armenia announced to launch trades with new instruments – foreign currency bonds, i.e. corporate bonds issued by companies in foreign currency. Currency bonds will be available for circulation on the stock market upon permission from the stock exchange or included into listing.

Impact on investors New types of instruments to become available on the Armenian securities market.

Written and edited by: Evgenia Klimova Head of Product and Business Development Global Securities ServicesTel. +7 495 232 5298 · [email protected]

UZBEKISTAN

New disclosure requirementsStarting from September 2012 Uzbek joint stock banks are obliged to disclose substantial information on the websites of authorized government bodies. Previously the same require-ments were introduced for professional participants of the securities market.

These legislative amendments have been introduced by Presidential decree and aim at increasing transparency and improving the business environment.

Impact on investor Increase of transparency of the banking and financial sec-tors of Uzbekistan’s economy.


35

yoUR CoNTaCTS

Central TeamTomasz Grajewski Tel. +48 22 524 5867 [email protected]

Sven Trahan Tel. +43 50505 57311 [email protected]

Michael Slavov Tel: +43 50505 58511 [email protected]

Evelyne Wininger Tel. +43 50505 42788 [email protected]

Philipp Aschl Tel. +43 50505 58508 [email protected]

Pawel Muszalski Tel. +43 50505 57315 [email protected]

Markus Winkler Tel. +43 50505 58547 [email protected]

AustriaUniCredit Bank Austria AG Julius Tandler-Platz 3 A-1090 Vienna Austria

Günter Schnaitt Tel. +43 50505 58501 [email protected]

Thomas Rosmanitz Tel. +43 50505 58515 [email protected]

Tina Fischer Tel. +43 50505 58512 [email protected]

Stephan Hans Tel. +43 50505 58513 [email protected]

Bosnia and HerzegovinaUniCredit Bank d.d. Zelenih beretki 24 71 000 Sarajevo Bosnia and Herzegovina

Lejla Sabljica Tel. +387 33 491 777 [email protected]

Amra Tela c evic Tel. +387 33 491 816 [email protected]

Belma Kovac evic Tel. +387 33 491 810 [email protected]

BulgariaUniCredit Bulbank AD 6 Vitosha Boulevard, 2nd floor BG-1000 Sofia Bulgaria

Veselin Stefanov Tel. +359 2 923 2818 [email protected]

Borislav Hitov Tel. +359 2 923 2670 [email protected]

CroatiaZagrebacka Banka d.d. Savska 62 HR-10000 Zagreb Croatia

Valerija Bezak Tel. +385 1 6305 430 [email protected]

Snjez ana Brunc ic Tel. +385 1 6305 400 [email protected]


36 Your Contacts

Czech RepublicUniCredit Bank Czech Republic a.s. Zeletavska 1525/1 CZ-140 92 Prague 4 Czech Republic

Michal Stuchlík Tel. +420 955 960 780 [email protected]

Tomáš Vácha Tel. +420 955 960 777 [email protected]

Zbynek Oborny Tel. +420 955 960 779 [email protected]

Alena Kalasova Tel. +420 955 960 778 [email protected]

HungaryUniCredit Bank Hungary Zrt. Szabadsag ter 5 – 6, 6th floor H-1054 Budapest Hungary

Júlia Romhányi Tel. +36 1 301 1923 [email protected]

Barbara Rubint Tel. +36 1 301 1914 [email protected]

Ágnes Temesvári Tel. +36 1 301 1838 [email protected]

Lívia Mészáros Tel. +36 1 301 1921 [email protected]

KazakhstanJSC ATF Bank Furmanov Street 100 KZ-050000 Almaty Kazakhstan

Vladimir Vassilyev Tel. +7 727 258 3015 (2031) [email protected]

Saida Abdraimova Tel. +7 727 258 3015 (1263) [email protected]

PolandBank Polska Kasa Opieki SA 31 Zwirki i Wigury Street PL-02-091 Warsaw Poland

Tomasz Grajewski Tel. +48 22 524 5867 [email protected]

Mariusz Pie kos Tel. +48 22 524 5852 [email protected]

Kamil Polak Tel. +48 22 524 5863 [email protected]

Marta Boboryk Tel. +48 22 524 58 61 [email protected]

Krzysztof Pekrul Tel. +48 22 524 5864 [email protected]

Marek Cioroch Tel. +48 22 524 5862 [email protected]

RomaniaUniCredit Tiriac Bank S.A. 1F, Expozitiei Blvd. RO-012101, Bucharest 1 Romania

Irina Savastre Tel. +40 21 200 2670 [email protected]

Viviana Traistaru Tel. +40 21 200 2673 [email protected]

Andreea Albu Tel. +40 21 200 2678 [email protected]


37 Your Contacts

RussiaZAO UniCredit Bank 9, Prechistenskaya Emb. RU-119034 Moscow Russian Federation

Alexander Nazarov Tel. +7 495 258 73 49 [email protected]

Ksenia Liskina Tel. +7 495 258 7258 – 3455 [email protected]

Svetlana Vlasova Tel. +7 495 258 7258 – 3453 [email protected]

Evgenia Klimova Tel. +7 495 232 5298 [email protected]

SerbiaUniCredit Bank Serbia JSC Omladinskih Brigada 88 RS-11070 Belgrade Serbia

Jasmina Radic evic Tel. +381 11 3028 611 [email protected]

Aleksandra Ilijevski Tel. +381 11 3028 612 [email protected]

Goran Platiša Tel. +381 11 3028 687 [email protected]

SlovakiaUniCredit Bank Slovakia A.S. Sancova 1/A SK-811 04 Bratislava Slovak Republic

Zuzana Milanová Tel. +421 2 4950 3702 [email protected]

Rastislav Rajninec Tel. +421 2 4950 2424 [email protected]

SloveniaUniCredit Bank Slovenija d.d. Wolfova 1 SI-1000 Ljubljana Slovenia

Vanda Moc nik-Kohek Tel. +386 1 5876 450 [email protected]

Elmedina Garibovic Tel. +386 1 5876 597 [email protected]

Aljoša Benc ina Tel. +386 1 5876 451 [email protected]

UkrainePJSC UniCredit Bank 14a, Yaroslaviv Val UA-01034 Kyiv Ukraine

Bohdana Yefremova Tel. +380 44 230 3341 [email protected]

Katherine Yevtushenko Tel. +380 44 590 1210 [email protected]

Websitesgss.unicreditgroup.eu www.gtb.unicredit.eu www.unicreditgroup.eu www.bankaustria.at


38

dISCLaImERThis publication is presented to you by:Corporate & Investment BankingUniCredit Bank Austria AGJulius Tandler-Platz 3A-1090 Wien

The information in this publication is based on carefully selected sources believed to be reliable. However we do not make any representation as to its accuracy or completeness. Any opinions herein reflect our judgement at the date hereof and are subject to change without notice. Any invest-ments presented in this report may be unsuitable for the investor depend-ing on his or her specific investment objectives and financial position. Any reports provided herein are provided for general information purposes only and cannot substitute the obtaining of independent financial advice. Pri-vate investors should obtain the advice of their banker/broker about any investments concerned prior to making them. Nothing in this publication is intended to create contractual obligations. Corporate & Investment Banking of UniCredit Group consists of UniCredit Bank AG, Munich, UniCredit Bank Austria AG, Vienna, UniCredit S.p.A., Rome and other members of the UniCredit Group. UniCredit Bank AG is regulated by the German Financial Supervisory Authority (BaFin), UniCredit Bank Austria AG is regulated by the Austrian Financial Market Authority (FMA) and UniCredit S.p.A. is regulated by both the Banca d’Italia and the Commissione Nazionale per le Società e la Borsa (CONSOB).

Note to UK Residents:

In the United Kingdom, this publication is being communicated on a confiden-tial basis only to clients of Corporate & Investment Banking of UniCredit Goup (acting through UniCredit Bank AG, London Branch) who (i) have professional experience in matters relating to investments being investment professionals as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”); and/or (ii) are falling within Article 49(2) (a) – (d) (“high net worth companies, unincorporated associations etc.”) of the FPO (or, to the extent that this publication relates to an unregulated collective scheme, to professional investors as defined in Article 14(5) of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and/or (iii) to whom it may be lawful to communicate it, other than private investors (all such persons being referred to as “Relevant Persons”). This publication is only directed at Relevant Persons and any investment or investment activity to which this publication relates is only available to Relevant Persons or will be engaged in only with Relevant Persons. Solicitations resulting from this publication will only be responded to if the person concerned is a Relevant Person. Other persons should not rely or act upon this publication or any of its contents.

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We and/or any other entity of Corporate & Investment Banking of UniCredit Group may from time to time with respect to securities mentioned in this publication (i) take a long or short position and buy or sell such securities; (ii) act as investment bankers and/or commercial bankers for issuers of such securities; (iii) be represented on the board of any issuers of such securi-ties; (iv) engage in “market making” of such securities; (v) have a consulting relationship with any issuer. Any investments discussed or recommended in any report provided herein may be unsuitable for investors depending on their specific investment objectives and financial position. Any information provided herein is provided for general information purposes only and cannot substitute the obtaining of independent financial advice.

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The information provided herein or contained in any report provided herein is intended solely for institutional clients of Corporate & Investment Banking of UniCredit Group acting through UniCredit Bank AG, New York Branch and UniCredit Capital Markets, Inc. (together “UniCredit”) in the United States, and may not be used or relied upon by any other person for any purpose. It does not constitute a solicitation to buy or an offer to sell any securities under the Securities Act of 1933, as amended, or under any other US federal or state securities laws, rules or regulations. Investments in securities discussed herein may be unsuitable for investors, depending on their specific investment objectives, risk tolerance and financial position.

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UniCredit and/or any other entity of Corporate & Investment Banking of Uni-Credit Group may from time to time, with respect to any securities discussed herein: (i) take a long or short position and buy or sell such securities; (ii) act as investment and/or commercial bankers for issuers of such securities; (iii) be represented on the board of such issuers; (iv) engage in “market-making” of such securities; and (v) act as a paid consultant or adviser to any issuer.

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This product is offered by UniCredit Bank Austria AG who is solely responsible for the Product and its performance and/or effectiveness. UEFA and its affili-ates, member associations and sponsors (excluding UniCredit and UniCredit Bank Austria AG) do not endorse, approve or recommend the Product and accept no liability or responsibility whatsoever in relation thereto.

Corporate & Investment BankingUniCredit Bank Austria AG, Vienna

as of 29 August 2011


39

ImpRINT

Statement pursuant to the Austrian Media Act Publisher and Media Owner

Corporate & Investment Banking Global Transaction Banking UniCredit Bank Austria AG Global Securities Services Julius Tandler-Platz 3 A-1090 Vienna Tel. +43 50505 0

Information requirements pursuant to the Austrian E-Commerce Act

Registered office and postal address Schottengasse 6 – 8 A-1010 Vienna

Swift: BKAUATWW Austrian bank code: 12000

Registered under no. FN 150714p Companies Register at the Commercial Court Vienna

Kind of business Credit institution under section 1 (1) Austrian Banking Act

Supervisory authority Austrian Financial Market Supervisory Authority (Finanzmarktaufsicht), departments banking supervision and securities supervision Otto-Wagner-Platz 5 A-1090 Vienna www.fma.gv.at

Membership Austrian Federal Economic Chamber, bank and insurance division Wiedner Hauptstraße 63 A-1040 Vienna www.wko.at Austrian Bankers’ Association Boersegasse 11 A-1010 Vienna www.voebb.at

Applicable legal regulations Applicable legal regulations are in particular the Austrian Banking Act (“Bankwesengesetz – BWG”, Federal Law Gazette/BGBl. No. 532/1993, with some amendments), the Austrian Securities Supervision Act (“Wertpapieraufsichtsgesetz – WAG”, Federal Law Gazette/BGBl. No. 753/1996, with some amendments) an the Austrian Savings Banks Act (“Sparkassengesetz”, Federal Law Gazette/BGBl. No. 64/1979, with some amendments).

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